Donald Trump's Truth Social platform is one step closer to its highly anticipated Wall Street debut after the Securities and Exchange Commission (SEC) approved the merger of Trump Media & Technology Group, the owner of Truth Social, and Digital World Acquisition Corp. (DWAC), a special purpose acquisition company planning to take the company public.

According to new SEC filings, Trump is set to own approximately 79 million shares of the company, valued at around $4 billion based on DWAC shares trading at just over $49.50 on Friday morning. However, lock-up rules will prohibit Trump from accessing any of that money until six months after the merger is finalized.

The final hurdle before the merger is completed is obtaining shareholder approval, which is expected to be a formality. The company intends to schedule a shareholder vote date soon.

DWAC stock has been trading in the range of $13-$17 for the past year but began to surge about a month ago, doubling in price swiftly, resembling a meme stock trend.

The road to SEC approval has been bumpy. In June 2022, DWAC faced scrutiny from securities regulators who requested additional documents and information regarding the merger, particularly related to "communications regarding and due diligence of potential targets other than [Trump's company]."

Upon the completion of the deal, Trump will hold significant power within the company, including the ability to elect board members and potentially block key decisions that would typically require stockholder approval, such as the company's acquisition.

Currently, Trump boasts 6.6 million followers on Truth Social as the platform gears up for its Wall Street debut.